An annuity is a series of payments made at equal intervals. Examples of annuities are regular deposits to a savings account, monthly home mortgage payments, monthly insurance payments and pension payments. Annuities can be classified by the frequency of payment dates. The payments (deposits) may be made weekly, monthly, quarterly, yearly, or at any other regular interval of time. Annuities may be calculated by mathematical functions known as "annuity functions".
An annuity which provides for payments for the remainder of a person's lifetime is a life annuity.
Sierra Magazine
November/December
2003
The latest issue of the very hypocritical, greedybigbusiness Sierra magazine begins with (gasp!) an advertisement for Toyota automobiles on the inside of the cover jacket!
Since the Sierra Club habitually trumpets the ills of "global warming"...
A high school mathematics teacher puts \(\$\)2000 into an annuity fund and then contributes \(\$\)1800 per year into the fund for the next 30 years by making small weekly contributions. (We assume weekly contributions are close enough to continuous deposits so that we may use a differential...